Logansport Financial Corp. Reports Net Earnings for the Quarter Ended March 31, 2024
LOGANSPORT, Ind., April 17, 2024 (GLOBE NEWSWIRE) — Logansport Financial Corp., (OTCBB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended March 31, 2024 of $268,000 or $0.44 per diluted share, compared to earnings in 2023 of $596,000 or $0.98 per diluted share. The Dividends paid to shareholders were $0.45 per share in the first quarter of 2024.
Total loans were $168.5 million on March 31, 2024 compared to loans in 2023 of $160.6 million. Deposits were $194.6 million on March 31, 2024 compared to deposits in 2023 of $209.3 million. Total assets on March 31, 2024 were $243.5 million compared to assets in 2023 of $253.8 million.
The statements contained in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involves a number of risks and uncertainties. A number of factors could cause results to differ materially from the objectives and estimates expressed in such forward-looking statements. These factors include, but are not limited to, changes in the financial condition of issuers of the Company’s investments and borrowers, changes in economic conditions in the Company’s market area, changes in policies of regulatory agencies, fluctuations in interest rates, demand for loans in the Company’s market area, changes in the position of banking regulators on the adequacy of our allowance for loan losses, and competition, all or some of which could cause actual results to differ materially from historical earnings and those presently anticipated or projected. These factors should be considered in evaluation of any forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statements to reflect occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
| LOGANSPORT FINANCIAL CORP. SELECTED FINANCIAL DATA (Dollars in thousands, except for share data) | ||
| 03/31/24 | 03/31/23 | |
| Total assets | $243,484 | $253,819 |
| Loans receivable, net | 168,491 | 160,583 |
| Allowance for loan losses | 2,934 | 2,947 |
| Cash and cash equivalents | 2,588 | 3,531 |
| Interest Bearing Time Deposits in banks | 0 | 3,000 |
| Securities available for sale | 57,318 | 73,149 |
| Federal Home Loan Bank and AGM stock | 3,150 | 3,148 |
| Deposits | 194,598 | 209,278 |
| Borrowings | 26,136 | 21,251 |
| Shareholders’ equity | 20,801 | 21,329 |
| Shares O/S end of period | 612,822 | 609,431 |
| Nonperforming loans | 545 | 609 |
| Real estate owned | – | – |
| Three months ended 03/31 | ||
| 2024 | 2023 | |
| Interest income (including Logansport Investments, Inc.) | $3,088 | $2,787 |
| Interest expense | 1,474 | 844 |
| Net interest income | 1,614 | 1,943 |
| Provision for loan losses | – | – |
| Net interest income after provision | 1,614 | 1,943 |
| Gain on sale of loans | 51 | 3 |
| Total other income | 240 | 259 |
| General, admin. & other expense | 1,653 | 1,539 |
| Earnings before income taxes | 252 | 666 |
| Income tax expense | (16) | 70 |
| Net earnings | $268 | $596 |
| Basic earnings per share | $0.44 | $0.98 |
| Diluted earnings per share | $0.44 | $0.98 |
| Weighted avg. shares o/s-diluted | 612,822 | 609,431 |
Contact:
Kristie Richey
Chief Financial Officer
Phone-574-722-3855
Fax-574-722-3857
